Telenor Group First Quarter 2014This presentation contains statements regarding the future in connection with the Telenor Group’s growth initiatives, profit figures, outlook, strategies

Telenor Group – First Quarter 2014

Jon Fredrik Baksaas, CEO

Disclaimer

The following presentation is being made only to, and is only directed at, persons to whom such

presentation may lawfully be communicated (’relevant persons’). Any person who is not a relevant

person should not act or rely on this presentation or any of its contents. Information in the following

presentation relating to the price at which relevant investments have been bought or sold in the past

or the yield on such investments cannot be relied upon as a guide to the future performance of such

investments.

This presentation does not constitute an offering of securities or otherwise constitute an invitation or

inducement to any person to underwrite, subscribe for or otherwise acquire securities in any

company within the Telenor Group. The release, publication or distribution of this presentation in

certain jurisdictions may be restricted by law, and therefore persons in such jurisdictions into which

this presentation is released, published or distributed should inform themselves about, and observe,

such restrictions.

This presentation contains statements regarding the future in connection with the Telenor Group’s

growth initiatives, profit figures, outlook, strategies and objectives. In particular, the slide “Outlook for

2014” contains forward-looking statements regarding the Telenor Group’s expectations. All

statements regarding the future are subject to inherent risks and uncertainties, and many factors can

lead to actual profits and developments deviating substantially from what has been expressed or

implied in such statements.

2

Q1 2014

A solid start to the year

• 6 million new mobile subscribers

• 5% underlying mobile service revenue

growth

• Growth and efficiency initiatives in

Norway

• Regulatory cost savings in Thailand

• Strong growth momentum in India

• Internet for All initiatives across all

markets

3

24.7 26.5

Q1 13 Q1 14

8.4 9.3

Q1 13 Q1 14

Revenues (NOK bn) EBITDA (NOK bn)

EBITDA before other items

6 165 6 153 6 274 6 479 6 276

44% 42% 46% 39% 42%

Q1 13 Q2 13 Q3 13 Q4 13 Q1 14

Share of new bundle subscriptions on NOK ≥ 249*

Q1 2014

Back to revenue growth in Norway

Revenues (NOK m) and EBITDA margin

• 2% total revenue growth

• 2% growth in mobile subscription & traffic

revenues

• 7% growth in fixed Internet and TV revenues

• Voluntary workforce reductions implemented

• Continued high investments in fibre and 4G

networks

4

*Consumer segment, incl rotations

EBITDA margin before other items

56%

47%

33%

67% 63%

Q1 13 Q2 13 Q3 13 Q4 13 Q1 14

Denmark - Revenues (NOK m) and EBITDA margin Sweden - Revenues (NOK m) and EBITDA margin

Q1 2014

Strong performance in Sweden, challenging in Denmark

• 11% mobile service revenue growth excl.

IC and handset-related discount

2 748 2 539

2 672 2 766

2 996 2 884

23% 28%

30% 34%

28% 29%

Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14

0% 1 468

1 192 1 231 1 246 1 298 1 207

19% 21%

18%

24%

18% 16%

Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14

-10%

• Stabilising trend in subscriber base

Organic growth assuming fixed currency, adjusted for acquisitions and disposals.

EBITDA and EBITDA margin before other items. Capex excl licence fees 5

Organic revenue growth

Q1 2014

Migration on track in Thailand, steady forward in Malaysia

• 16 million subscribers on 2.1 GHz network




4 490 4 519 4 792

4 069

4 732

4 187

28% 31% 30%

33% 32% 37%

Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14

-6%

dtac - Revenues (NOK m) and EBITDA margin DiGi - Revenues (NOK m) and EBITDA margin

• 7% growth in subscription & traffic revenues

3 031 3 005 3 136 3 142

3 272 3 173

44% 43% 45% 45% 46% 45%

Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14

+4%

Q1 2014

Improved business environment in Bangladesh and Pakistan

1 584 1 672

1 788 1 939 1 895

1 961

54% 48%

51% 53% 51% 54%

Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14

+6%

Bangladesh - Revenues (NOK m) and EBITDA margin

1 421

1 286

1 433 1 346 1 340

1 395

43% 39% 40% 38% 35%

39%

Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14

+6%

Pakistan - Revenues (NOK m) and EBITDA margin

• Less disruptions since January elections

• 3G spectrum (2.1 GHz) acquired in April




Q1 2014

Strong growth momentum in India

Revenues (NOK m)

Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14

Other circles 6 circles

-327

-221 -194

• Strong subscriber and revenue growth

• 2.5 million new subscribers

• 13% organic ARPU growth

• 44% organic revenue growth

• Internet for All strategy launched in March

• 1,036 new sites put on air

• Acquisition of supplementary spectrum in

February, incl new circle Assam

• Offset of 2008 entry fee confirmed by Indian

authorities

*) Excl bonus pay-out in Q4 2013 8

-137


Operating cash flow (NOK m)*

729 836

919

Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14


810

708 728

+44%

-192 -200

The Internet for All

opportunity

• 1.2 billion people within footprint

• 172 million subscribers

• 36 million active data users

Telenor mobile subscribers (million)

Million

Europe Asia

Not data users

Data users

18

154


Richard Olav Aa, CFO

Q1 2014

Organic revenue growth improving to 1.5%

Organic revenue growth in fixed currency, adj. for acquisitions and disposals.

Revenues (NOK m) and revenue growth

25 990 24 716

25 747 25 953

27 611 26 515

4.6 %

0.3 % 1.6 %

0.7 % 1.0 % 1.5 %

Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14

11

Organic revenue growth decomposition (pp)

1.5

-1.7

-0.7

+0.7

+0.3

+2.7

Group IC Fixed

voice

Other

revenues

Devices Mobile

subs/ traffic

Q1 2014

Underlying mobile service revenue growth of 5.3%


Organic growth in Sweden adjusted for handset-related discount

12

Organic mobile subs. & traffic revenue growth

-4%

-2%

0%

2%

4%

6%

8%

10%

12%

14%

16%

Q112 Q212 Q312 Q412 Q113 Q213 Q313 Q413 Q1 14

Norway Europe Asia Group

Q1 2014

Gross profit increased by NOK 1.5 billion

EBITDA and EBITDA margin before other items

Gross profit (NOK m) and gross margin

18 037 17 965 18 713

19 275 19 606 19 422

69% 73% 73% 74%

71% 73%

Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14

13

Gross profit breakdown (NOK m)

17 965 19 281 19 422

269 245 165 156 485 141

Q1 13 GP Sweden DiGi India Globul Other Q1 14

Q1 2014

Good progress on NOK 5 bn gross cost saving target

Gross cost saving programme in Norway Regulatory cost savings in Thailand

14

2013 2014 2015

550

650

800

Annual targets in NOKm

Implemented / decided initiatives

31%

26%

~15%

Q1 2013 Q1 2014 Target 2016

Regulatory cost as % of service revenues (excl IC)

Q1 2014

35% EBITDA margin and 5% organic growth in EBITDA

EBITDA and EBITDA margin before other items

EBITDA breakdown (NOK m) EBITDA (NOK m) and EBITDA margin

8 423

9 299 9 298

257 145

120 184

238

-68

Q1 13 GP Sweden DiGi Other Globul Myanmar Q1 14

8 203 8 423 8 857

9 619

8 993 9 298

32% 34% 34%

37%

33% 35%

Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14

15

Q1 2014

Capex of NOK 3.7 billion and 14% capex/sales

Capex and capex/sales ratio excl licence fees.

3 571

2 868

3 484 3 730

4 577

3 694

14%

12% 14%

14%

17%

14%

Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14

Capex (NOK m) and capex/sales (%) 12m rolling capex/sales

16

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

Norway

dtac

Sweden

Hungary

Denmark

DiGi

Q1 14 Q4 10

Q1 2014

Operating cash flow of NOK 5.6 billion

Operating cash flow from continuing operations, excluding licence fees.

Operating cash flow defined as EBITDA before other items less capex

OCF development (NOK m)

4 633

5 555 5 374

5 889

4 416

5 604

18% 22% 21%

23%

16%

21%

Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14

OCF (NOK m) and OCF margin

17

Q1 13 Gross profit Opex Capex Q1 14

5 605 5 555

972

181

266

475

Globul &

Myanmar

Q1 2014

P&L impacted by several significant one-time items

18

NOKm EBITDA Associated

companies

Net

financials Net income

Sales gain on disposal of Conax +1 200 +1 200

Licence offset in India +1 650 +170 +1 820

VimpelCom one-off charge related to

Algeria resolution -2 019 -2 019

Total +2 850 -2 019 +170 +1 001

NOKm Q1 14 Q1 13

Revenues 26 515 24 716

EBITDA before other items 9 298 8 423

Other items 2 586 -270

EBITDA 11 884 8 153

Depreciation and amortisation -3 718 -3 438

EBIT 8 157 4 713

Associated companies -1 837 1 065

Net financials -76 -207

Profit before taxes 6 244 5 572

Taxes -1 645 -1 363

Non-controlling interests -923 -607

Net income to Telenor 3 676 3 602

Earnings per share (NOK) 2.43 2.34

Q1 2014

Net income of NOK 3.7 billion

19

Q1 2014

Net debt/EBITDA of 1.0x

*) 12 months rolling EBITDA. Excl licence commitments

Net debt 30 Dec 2013 39.4

EBITDA (11.9)

One-offs with no cash effect 2.9

Income taxes paid 0.7

Net interest paid 0.3

Capex paid 5.9

Acquisition of companies 0.9

Dividends paid to minorities 0.5

Net revenue share in DTAC (0.6)

Currency effects (0.3)

Other changes in working capital (0.6)

Net change (2.2)

Net debt 31 Mar 2014 37.2

Change in net debt (NOK bn)

33.1

28.9

31.7

37.8 39.4

37.2

1.0 0.9 0.95

1.1 1.1 1.0

Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14

Net debt (NOK bn) and net debt/EBITDA*

20

Q1 2014

Outlook for 2014 maintained

2014 Q1 2014 FY 2013

Organic revenue growth Low single digit 1.5% 0.9%

EBITDA margin In line with 2013 35.3% 34.5%

Capex / sales Around 16% 12.8% 14.1%

21

Group structure as of 31 March 2014, excl Myanmar


EBITDA before other items. Capex excl. licence fees.

Exchange rates as of 31 March 2014

Q1 2014

Summing up

• 6 million new mobile subscribers

• 5% underlying mobile service revenue

growth

• 35% EBITDA margin and 5% organic

growth in EBITDA

• Progress on efficiency agenda

22 EBITDA before other items

24.7 26.5

Q1 13 Q1 14

8.4 9.3

Q1 13 Q1 14

Revenues (NOK bn) EBITDA (NOK bn)

Learn more about the Internet for All opportunity

Analyst & investor seminar

The Grange St Paul, London, 6 June 2014

Q&A


Appendix

Telenor Group

Norway

Sweden

Denmark

Europe

Hungary

Serbia

Montenegro

Bulgaria

Asia

Thailand

Malaysia

Bangladesh

Pakistan

India

Myanmar

VimpelCom Ltd.

Telenor Group holds 33.0% economic and

43.0% voting stake in VimpelCom Ltd.

172 million consolidated mobile subscribers

Revenues in 2013: NOK 104 bn (USD 17 bn)

Market cap: NOK 214 bn (USD 36 bn)

26

Geographic split of key financials in 2013

24%

24%

45%

7%

Revenues

Norway Europe Asia Other

30%

21%

46%

3%

EBITDA


30%

23%

47%

Operating cash flow


EBITDA before other items

”Other” includes Broadcast, Other Units/Group functions and eliminations 27

Priorities for capital allocation

Maintain a solid balance sheet

Competitive shareholder remuneration

Disciplined and selective M&A

1

2

3

Net debt/EBITDA below 2.0x

50-80% dividend payout of

normalised net income

Aim for YoY growth in dividends

Value driven, within core

assets and regions

28

6 518 6 165 6 153 6 274 6 479 6 276

42% 44% 42% 46% 39% 42%

Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14

2 722 2 717 2 615 2 881

2 545 2 658

1 244 988 1 120 1 138 1 164 1 048

Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14

Q1 2014

Norway


2%

-2%

EBITDA and capex (NOK m)

EBITDA CAPEX

• 1k net mobile subscriber growth

• Fibre subscriber base increased by 7k to 88k

• 2% growth in mobile subscription and traffic

revenues

• 7% growth in fixed Internet and TV revenues

• Voluntary workforce reductions implemented

in March

• Capex focused on fibre and 4G rollout,

with 4G coverage reaching 57%

• New national roaming agreement with Tele2

signed in April

Organic growth

29 Organic growth assuming fixed currency, adjusted for acquisitions and disposals.

EBITDA and EBITDA margin before other items. Capex excl licence fees

Q1 2014

Sweden

• 11k net mobile subscriber loss, primarily in

prepaid segment

• 11% mobile service revenue growth excl IC

and handset-related discount

• Launch of mobile no-frill brand Vimla in

February

• Acquisition of Tele2’s fibre & cable business

in January

• 3 pp organic EBITDA margin increase due

to strong opex improvement



2 748 2 539

2 672 2 766 2 996 2 884

23% 28% 30%

34% 28% 29%

Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14

641 705

805

931

825 850

396

283 324 251

503

269

Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14

EBITDA CAPEX

0%

+12%

Organic growth

30 Organic growth assuming fixed currency, adjusted for acquisitions and disposals.


Q1 2014

Denmark

• 33k mobile subscriber growth, of which 23k in

postpaid segment

• Stabilising subscriber base

• 6% decline in mobile subscriber and traffic

revenues

• «Best network» campaign launched in March

• 4% opex reduction not sufficient to offset

reduced gross profit



1 468

1 192 1 231 1 246 1 298 1 207

19% 21% 18%

24% 18% 16%

Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14

-10%

273 254

222

302

237

190

114 115 96

113 109 144

Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14

EBITDA CAPEX

-33%



Organic growth

31

Q1 2014

Broadcast

• 9k DTH subscriber loss offset by ARPU

growth and currency

• Stable revenues in Satellite Broadcasting

• 16% revenue growth in Norkring from DAB

and installation revenues

• Sales gain of NOK 1.2 billion from divestment

of Conax on 26 March

• Launch of Thor 7 satellite in 2H 2014



1 639 1 610 1 667 1 680 1 778

1 693

27% 29% 33% 34%

29% 30%

Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14

443 472

543 570

523 513

128 129 139 151 153 140

Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14

EBITDA CAPEX

+5%

+8%

Organic growth



Q1 2014

Hungary

• 23k net mobile subscriber loss

• 3% organic decline in subscription and

traffic revenues

• Telecom tax impacting EBITDA margin

by -10 percentage points

• Multiband auction incl 800 MHz expected

mid 2014



1 100

930 980 1 020

1 092 996

28%

38% 39%

34% 28%

37%

Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14

306 355

380 351

307

368

64 62 40

60

134

54

Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14

EBITDA CAPEX

-1%

-4%

Organic growth



Q1 2014

Montenegro and Serbia

• 78k net subscriber loss

• Stable revenues excl the effect of MTR

reductions in both countries

• Increase in postpaid revenues offsetting

prepaid decrease

• Economic downturn still significantly

affecting purchasing power

• Acquisition of KBC Banka in Dec 2013,

platform for mobile financial services

800 763 830

930 870

811

40% 40% 41% 42% 36% 37%

Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14

323 306 342

395

311 298

78 50 55 58

79 60

Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14

EBITDA CAPEX

-3%

-11%



Organic growth



Q1 2014

Bulgaria (Globul)

• 24k net subscriber loss due to seasonality

• 1% organic growth in subscription and traffic

revenues

• Total revenues impacted by MTR reductions

from 1 July 2013 and lower handset sale

• Network renovation project to start in Q2

682 614

662 691 696 628

31% 32% 39% 38%

30% 38%

Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14

210 196

259 258

208 238

118 124

81 54

97

49

Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14

EBITDA CAPEX

Revenues (NOK m) and EBITDA margin*

EBITDA and capex (NOK m)*

* EBITDA and EBITDA margin Q3 13 excl. opening balance adjustments 35

Q1 2014

Thailand (dtac)

• 284k net subscriber growth

• 1% subscription and traffic revenue growth

• 55% reduction in MTR from 1 July 2013

• Handset sales impacted by weak macro

• 16 million customers on 2.1 GHz network

Outlook for 2014*:

• Low single digit revenue growth

• 35-37% EBITDA margin

• Capex of minimum THB 13 billion

*) In local currency Organic growth

1 242 1 423 1 456

1 362 1 521 1 531

410 223

564

781

1208

554

Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14

EBITDA CAPEX

4 490 4 519 4 792

4 069

4 732

4 187

28% 31% 30%

33% 32% 37%

Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14

-6%

+9%





Q1 2014

Malaysia (DiGi)

• 109k net subscriber loss


revenues

• Capex mainly related to 3G /4G coverage

and fibre backhaul

• 33% operating cash flow margin

Outlook for 2014*:

• 4-6% revenue growth

• Sustained EBITDA margin

• Capex up to MYR 900 million

*) In local currency

Organic growth

3 031 3 005 3 136 3 142 3 272 3 173

44% 43% 45% 45% 46% 45%

Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14

1 346 1 302 1 419 1 417

1 512 1 423

477 349 354

432

247 372

Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14

EBITDA CAPEX

+4%

+8%





Q1 2014

Bangladesh (Grameenphone)

• Increased political stability after January elections

• 1.6 million net subscriber growth

• 7% organic growth in subscription and traffic revenues

• 6 pp improvement in opex/sales, driven by lower SIM tax from May 2013

• 3G roll-out to all 64 district headquarters completed

• 43% operating cash flow margin

Organic growth

1 584 1 672

1 788 1 939 1 895 1 961

54% 48% 51% 53% 51% 54%

Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14

856 795

916 1 028

970 1 052

141 86

157 244

471

217

Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14

EBITDA CAPEX

+6%

+23%





Q1 2014

Pakistan



revenues

• Decrease in energy costs offset by higher sales

& commission cost

• Biometric Verification System implemented

in Karachi, remaining country by end of July

• 3G spectrum (2.1 GHz) acquired in April for

reserve price USD 147.5 million

Organic growth

1 421 1 286

1 433 1 346 1 340 1 395

43% 39% 40% 38%

35% 39%

Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14

610

496 575

511 470

537

331

427 428

269

155 202

Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14

EBITDA CAPEX

6%

6%





Q1 2014

India


• 13% ARPU growth in local currency

• 44% organic revenue growth in 6 circles

• 1,036 new sites launched in Q1

• Acquisition of add-on spectrum in February,

incl new circle Assam

• Offset of 2008 entry fee of NOK 1.7 billion

confirmed by Indian authorities

Revenues (NOK m)


729

836 919

Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14


810 708 728



Organic growth 6 circles

+44%

-327

-185 -153 -140

-107 -83

0 36 41 52

84 117

Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14

EBITDA CAPEX

Q1 2014

Myanmar

• Licence awarded in February

• 289 people on-boarded

• Capex primarily driven by network and IT

rollout

• First call made on 7 April

• Service launch expected in 2H 2014

Financial targets

• EBITDA breakeven 3 years after licence

award

• Peak funding of around USD 1 billion incl

licence fee of USD 500 million




-48 -68

7

302

Q4 13 Q1 14

EBITDA CAPEX

Q1 2014

Changes in revenues and EBITDA

Organic growth YoY in fixed currency and adjusted for acquisitions and disposals.

EBITDA before other items. India organic revenue growth based on 6 circles. 42

Revenues EBITDA

Reported Organic Reported Organic

Norway 1.8 % 1.8 % -2.2 % -2.2 %

Sweden 13.6 % 0.2 % 20.6 % 12.4 %

Denmark 1.3 % -9.8 % -25.3 % -33.5 %

Hungary 7.2 % -0.7 % 3.6 % -4.1 %

Montenegro & Serbia 6.2 % -2.8 % -2.8 % -10.8 %

Thailand -7.3 % -6.3 % 7.6 % 8.8 %

Malaysia 5.6 % 4.3 % 9.2 % 7.9 %

Bangladesh 17.2 % 6.2 % 32.4 % 22.8 %

Pakistan 8.5 % 5.8 % 8.4 % 5.6 %

India 29.7 % 44.2 % 55.2 %

Broadcast 5.1 % 5.2 % 8.2 % 8.2 %

Telenor Group 7.3 % 1.5 % 10.4 % 4.8 %

Q1 2014

Net debt in partly owned subsidiaries

Net debt based on 100% figures. Excl licence commitments

(NOK m) Q1 2014 Q4 2013 Q1 2013

DiGi 910 656 688

DTAC 3 658 4 811 3 262

Grameenphone 1 152 1 547 187

India 741 204 6

43

2.3 1.1

8.3 7.1

3.1

6.2

6.1

14.4

2.6

2.5 3.1

1.6

0.8

0.2

0.2

2014 2015 2016 2017 2018 2019 2020 2021 2022 ->

Q1 2014

Debt maturity profile

Subsidiaries

Telenor ASA

NOK bn per 31 Mar 2014. Excl licence commitments

Debt maturity profile

44

Mobile operations

ARPU development (local currency)

233 227 228 228 225 223

Q412 Q113 Q213 Q313 Q413 Q114

Sweden (SEK)

143 131 132 134 131 128

Q412 Q113 Q213 Q313 Q413 Q114

Denmark (DKK)

293 284 280 294

282 287

Q412 Q113 Q213 Q313 Q413 Q114

Norway (NOK)

3804 3449

3660 3594 3594 3420

Q412 Q113 Q213 Q313 Q413 Q114

9.0 8.5

9.1 9.6

8.8 8.3

Q412 Q113 Q213 Q313 Q413 Q114

Montenegro and Serbia (EUR) Hungary (HUF)

45

12.2 11.4 11.9

11.3 11.0 10.6

Q412 Q113 Q213 Q313 Q413 Q114

Bulgaria (BGN)

Mobile operations

ARPU development (local currency)

215 205

219 198 198 193

Q412 Q113 Q213 Q313 Q413 Q114

Pakistan (PKR)

47 47 48 48 48 47

Q412 Q113 Q213 Q313 Q413 Q114

Malaysia (MYR)

264 258 260 232 233 224

Q412 Q113 Q213 Q313 Q413 Q114

Thailand (THB)

178 183 180 178 165 166

Q412 Q113 Q213 Q313 Q413 Q114

Bangladesh (BDT)

91 94 97 100 106 106

Q412 Q113 Q213 Q313 Q413 Q114

India (INR)

46

Mobile operations

AMPU development

212 220 237

222 241 247

Q412 Q113 Q213 Q313 Q413 Q114

237 248

269 254 264 259

Q412 Q113 Q213 Q313 Q413 Q114

222

264 290

274 294 293

Q412 Q113 Q213 Q313 Q413 Q114

169 162 173 172

180 184

Q412 Q113 Q213 Q313 Q413 Q114

Norway Sweden Denmark

Montenegro and Serbia Hungary

188 194 206 207 205 203

Q412 Q113 Q213 Q313 Q413 Q114

47

176 173 176 173 184 181

Q412 Q113 Q213 Q313 Q413 Q114

Bulgaria

Mobile operations

AMPU development

260 261 261 261 256 249

Q412 Q113 Q213 Q313 Q413 Q114

275 273 261 262 259 248

Q412 Q113 Q213 Q313 Q413 Q114

Pakistan

Malaysia Thailand

239 246 256 257 242 243

Q212 Q113 Q213 Q313 Q413 Q114

Bangladesh

India

217 222 234 225

245 268

Q412 Q113 Q213 Q313 Q413 Q114

371 401

426 434 442 463

Q412 Q113 Q213 Q313 Q413 Q114

48

Documents

Telenor Group First Quarter 2014This presentation contains statements regarding the future in connection with the Telenor Group’s growth initiatives, profit figures, outlook, strategies